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BAKU, Azerbaijan, July 2. Amendments to the regulation
“On the Nationwide Financial institution of Georgia”, envisaging the legalization of
microbanking within the nation, have entered into pressure, Development experiences.
Based on the amendments, a microbank is now outlined as a
authorized entity established within the type of a joint inventory firm,
which is licensed by the Nationwide Financial institution (NBG) and points loans in
the quantity not exceeding a million lari ($380,000) per particular person
or group of people.
The microbanks are additionally licensed to draw deposits, open and
service correspondent accounts, in addition to subject their cost
playing cards for non-cash and money funds.
Furthermore, the amendments have launched necessities for the
safety and confidentiality of transactions, guidelines for
transferring funds, lending and opening accounts, much like the
necessities for unusual banks in Georgia.
To acquire a license to function, a microbank should submit a
written software and a lot of paperwork to NBG. Amongst these
paperwork, it’s required to offer paperwork confirming the idea
for the institution of a microbank, a certificates from a
business financial institution on the licensed and positioned capital and its cashed
half, in addition to data on the origin of the capital. The
preliminary capital of a microbank should complete no less than 10 million lari
($3.8 million).
In addition to, the authorized entity should present data on compliance
with the necessities for individuals holding the positions of director
and deputy director of the financial institution, data on the supervisory
board and audit committee, in addition to an audit report on earlier
actions and knowledge on previous business actions, legal
instances associated to monetary crimes, lawsuits and legal responsibility associated
to monetary actions.
The amendments additionally require offering a certificates of cost
of the payment for acquiring a license within the quantity of 100,000
lari.
The choice to subject a license is made by NBG after
verification of the submitted paperwork. In complete, 15 business
banks are working in Georgia, of which three are system banks,
and one is an web financial institution.
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